Goods and Services Tax (GST) is valid in India since 1st July 2017.
Beneath the new GST command, approximately 1.4 crore trades in India have attained GST registration. All units having GST registration are needed to file GST returns each month.
GST return filing is compulsory for all units having GST registration, regardless of commercial activity or sales or productivity throughout the return filing period.
Thus, even a inactive commercial that attained GST registration should essentially file GST return.
Individuals or units in India containing the supply of goods or services should obtain GST registration when the edge limit for registering is traversed.
In the majority of states, GST registration is compulsory when an individual provisions for services or goods above Rs.20 lakhs per annum.
Additionally to the turnover limit, GST registration is essential for all individuals with enterprising eCommerce sales.
Yes, all taxpayers possessing GST registration must file GST returns on the 10th, 15th and 20th of every month.
No matter if there was no business activity or transaction during a month, the taxpayer should still log in to the GST portal and file NIL GST return to sidestep penalty.
How do we work?
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Points to remember
- The scheduled date for GST filing can be altered or extended by issuing a notification from Govt. of India.
- Not filling the GST return by the due date would lead to a late fine and a liable amount with an interest at 18% per annum rate. The fined amount would be-
- For CGST – INR 100/day
- For SGST – INR 100/day
- The small business entities are required to file their GST return quarterly.
Late Charges, Penalty & Interest on GST Returns
FAQ For GST Return
Under GST, each individual or unit registered under GST would be needed to file a GST return for the agreed period. Even those units having a GST registration but nil activity would be needed to file a GST Nil Return to remain acquiescent with GST regulations.
Routine taxpayers would have to file GSTR-1 (particulars of outward supplies), GSTR-2 (particulars of inward supplied) and GSTR-3 (once-a-month return). GSTR-1 would be payable on the 10th of every month, GSTR-2 would be payable on the 15th of every month and GSTR-3 would be payable on the 20th of every month. Compounding taxpayers should file GSTR-4 each quarter, on the 18th of the month following the quarter.
Besides the monthly or quarterly returns, a yearly return should be filed by all individuals or units listed under GST. The payable date for filing of annual GST return would be 31st of December succeeding the end of the fiscal year. In case of assesses having to conform with auditing necessities, the GST reconciliation declaration must be appropriately certified by a Chartered Accountant.
GST Returns should be filed online. There would also be an arrangement to formulate the returns offline and upload the same into an online portal.
There would be no process or reconsideration of a GST Return. All unreported invoices of the prior tax time period must be encompassed in the return for the existing month and interest, if any would be pertinent.
All GST Return non-filers will be chased by the GST Department and a list of GST return nonpayers will be offered to the corresponding GST authorities for follow-up and administration action. The GST law would also comprise an obligation of involuntary late fee for GST Return non-filers and late filers.
Under GST, all taxpayers, excluding an input service supplier, a non-resident taxable individual, casual taxable individual and an individual paying tax under the GST composition scheme are needed to file GSTR1 return.
The payable date for filing a GSTR1 return is typically the 10th of each month. Though, for the month of July 2017, the payable date for filing GSTR1 return is the 10th of October. The payable date for filing all other GSTR1 returns is so far to be announced by the GST Council.